Top Financial Stocks
Financial stocks extended their recent gains into the new year, with the NYSE Financial Sector Index climbing over 0.6% today while financial companies in the S&P 500 Index were recording a 0.7% gain.
In company news, the Hartford Financial Services Group ( HIG ) was holding on to a slim gain during late Tuesday trading after the insurer said it would take a $423 million after-tax charge against its Q4 financial results after negotiating a $1.5 billion excess-loss reinsurance agreement with a Berkshire Hathaway (BRK.A,BRK.B) covering some of its asbestos and environmental liability exposures.
The agreement covers potential adverse development involving The Hartford's $1.7 billion asbestos and environmental reserves through the end of 2016, excluding those held by its UK Property and Casualty run-off units, which are under contract for a sale expected to close before March 31.
The retroactive reinsurance agreement also is seen reducing pro forma book value by $1.10 per share and is also expected to have a slightly negative impact on the company's property and casualty net investment income in 2017.
HIG shares were up about 0.2% at $47.73 each, easing from a prior 2% run to a session high of $48.53 a share. Berkshire Class A shares were up about 0.2% at $244,501 apiece while Class B shares were posting a 0.1% gain to $163.11 a share.
In other sector news,
(+) PYPL, Upgrade to Buy from Neutral at Monness Crespi & Hardt, which also set a $50 price target for the stock.
(-) ASB, Drops "deputy" from James Payne's job title as the 30-year finance and technology executive succeeds James Yee as chief information and operations officer at bank holding company, effective Jan. 1.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.